Financial Performance - For the year ended December 31, 2023, the group's revenue was approximately HKD 305,000,000, a significant decrease from HKD 1,601,800,000 in 2022, resulting in a pre-tax loss of approximately HKD 168,900,000 compared to a profit of HKD 547,900,000 in 2022[8]. - The property development segment generated revenue of approximately HKD 296,900,000 for the year ended December 31, 2023, down from HKD 1,595,500,000 in 2022, with a loss of HKD 200,000 compared to a profit of HKD 572,900,000 in the previous year[9]. - The company reported a net loss of approximately HKD 204,429,000 for the year ending December 31, 2023[156]. - As of December 31, 2023, the company's financial obligations due within twelve months amounted to approximately HKD 1,302,981,000[156]. - The available cash and cash equivalents of the company were approximately HKD 13,370,000 as of December 31, 2023[156]. Debt and Liabilities - The asset-liability ratio as of December 31, 2023, was approximately 2,005.9%, up from 991.4% on December 31, 2022[17]. - The company’s bank borrowings amount to approximately HKD 256,248,000, which are due for repayment[21]. - The group has engaged in discussions with lenders to extend repayment dates for certain loans and borrowings[50]. - The board is implementing measures to improve liquidity and financial condition, including accelerating the pre-sale of properties under development[157]. - The company is negotiating with contractors to extend the payment terms for contract costs[157]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, which is deemed essential for its success and enhancing shareholder value[92]. - The board of directors has confirmed that there are no significant uncertainties that would cast doubt on the company's ability to continue as a going concern[86]. - The company has established a nomination committee to identify suitable candidates for independent non-executive director positions[83]. - The company has adhered to the corporate governance code principles as outlined in the listing rules, with the exception of one specific provision[117]. - The board structure is believed to provide sufficient checks and balances for effective business decision-making[121]. Shareholder Information - The company has a significant shareholder, 富偉國際控股有限公司, holding 40.16% of the issued ordinary shares[151]. - The company’s major shareholder, 黃岸峰, holds 40.31% of the issued ordinary shares through 明高投資控股有限公司[152]. - The company’s dividend policy is discretionary, based on financial performance and future business plans[132]. - The group has not declared any dividends for the year[31]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the fiscal year ending December 31, 2023[134]. Operational Strategy - The company plans to collaborate with leading international hotel brands to enhance its hotel services and expand into the Greater China and Southeast Asia tourism markets[6]. - The company aims to introduce new businesses, including theme parks and short-term vacation services, to maximize shareholder value[6]. - The company has identified strong growth potential in the post-pandemic Chinese tourism industry, with expectations for international tourism to fully recover to pre-pandemic levels in 2024[23]. - The group is focused on enhancing its operational efficiency and environmental performance through partnerships with hotel operators[35]. - The group has established a standard operating system to address and resolve any complaints from hotel guests, overseen by senior management[40]. Compliance and Risk Management - The group has maintained compliance with environmental laws and regulations, with no violations reported during the year[37]. - The group is committed to monitoring and evaluating risks and opportunities related to environmental, social, and governance issues[62]. - The company has complied with the Guangdong Province Food Safety Regulations and related policies, ensuring strict supervision over food additives used in its operations[70]. - The audit committee has reviewed the effectiveness of the group's internal systems and controls, as well as the audited financial statements for the year ending December 31, 2023[89]. - The audit committee has fulfilled its responsibilities, including reviewing accounting matters and the financial impact of new accounting standards[187]. Human Resources and Development - The group continues to implement comprehensive human resources training and development programs to equip employees with necessary skills for current and future challenges[42]. - The company encourages directors and senior executives to participate in professional development courses related to listing rules and corporate governance[181]. - The remuneration committee is responsible for ensuring a formal and transparent remuneration policy for executive directors and senior management, considering factors such as salary levels of comparable companies[196]. - The company emphasizes the importance of a diverse board to maintain a high-quality director team[190]. - The nomination committee has adopted a set of terms of reference for the nomination, appointment, and removal of directors, considering diversity and qualifications[189].
富元国际集团(00542) - 2023 - 年度财报